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The construction contractor business is expected to grow at an average rate of 2.8–3.3% per year during 2027–2029. The main growth driver will be public construction investment

Updated the key Industry Indicator: Construction contractor in each industry.By Taned Mahattanalai

The construction industry is expected to recover over the next 3 years, with total construction spending forecast to rise by 4.5-5.0% in 2021 and then by 5.0-5.5% in 2022-2023. A major driver will be public-sector spending on infrastructure megaprojects, especially in the Eastern Economic Corridor, where investment in government-backed projects will encourage crowding-in of private-sector investment (e.g., in industrial estates). Beyond this, the gradual recovery of the Thai economy will also support greater investment in residential accommodation and commercial properties. And, there will be new opportunities in neighboring countries as their governments continue to improve national infrastructure in response to continued economic growth and urbanization.

During 2019-2021, the construction business is likely to grow at an accelerated rate in 2019

Construction contractors can look forward to an improving business environment from 2024-2026, with growth driven by an expected 3.0-4.0% annual expansion in construction spending. This will be led by 3.5-4.0% growth in government spending on construction, guided largely by the Action Plan on Thailand Logistics Development 2023-2027. The focus will therefore be on megaprojects, most notably those connected to the development of the Eastern Economic Corridor (EEC).

The construction contracting sector is projected to expand at a modest average rate of 2.0–2.5% annually during 2025–2027.

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